UBA seeks $ 6.759 million from Polaris Bank

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By Robert Egbe

The Federal High Court in Lagos has ruled out Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank from falsifying funds to their credit up to $ 6,759,000 or its equivalent in any currency at 25 banks, the Management Bureau of debt and the Federal Ministry of Finance.

Judge Daniel Osiaigor, who issued Mareva’s interim injunction order, ruled that it remains pending the hearing and decision of a notice motion filed against the duo by United Bank for Africa (UBA) Plc.

The July 2 order followed UBA’s June 29 request filed and argued by its attorney Temilolu Adamolekun who appeared with Gbenga Akinde-Peters, supported by an affidavit under oath from Anike Isinguzo and attachments.

Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank are the first and second defendants in lawsuit numbered FHC / L / CS / 714/21.

The third to 26th respondents are Access Bank Plc, Citibank Nigeria Ltd, Diamond Bank Plc, Ecobank Nigeria Ltd, Enterprise Bank Ltd, Fidelity Bank Plc), First Bank of Nigeria Plc., First City Monument Bank Plc, Globus Bank Limited, Guaranty Trust Bank Plc, Heritage Bank Plc and Jaiz Bank Limited.

The others are Keystone Bank Limited, Polaris Bank limited, Providus Bank Limited, Stanbic IBTC Bank Nigeria Ltd, Standard Chartered Bank Ltd, Sterling Bank Plc, SunTrust Bank Nigeria Limited, Titan Trust Bank Limited, Union Bank Plc, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc.

The 28th and 29th respondents are the DMO and the Ministry of Finance.

The court further prevented the third to 26th respondents or their agents from remitting the sum to the defendants.

The order also precluded the First Defendant from dealing with funds to his credit in all of his accounts, or any money in which he has an interest held on his behalf with the 27th to 29th Respondents up to $ 6,759,000 or his equivalent.

The court prohibited the second defendant from dealing with any of the sums of money, instruments, sovereign debt notes, promissory notes, treasury bills or any other instrument in which he has an interest or with the 27th, 28th and 29th Respondents, in the amount of $ 6,759,000 or its equivalent.

The judge further ordered the third to 29th respondents to disclose under oath the total amount of money or funds in their custody belonging to one of the defendants.

The plaintiff claimed in his affidavit that the energy company won the bid to purchase 60% of the shares of the Ibadan and Yola power distribution companies following the privatization exercise. of the assets of the Power Holding Company of Nigeria (PHCN) in 2013.

She applied for and received a syndicated loan of $ 162,400,000 from the Plaintiff, Second Defendant (formerly Skye Bank Plc), Diamond Bank Plc now Access Bank Plc, First City Monument Bank Ltd, Heritage Bank Plc and Keystone Bank Ltd (jointly referred to the lenders).

The lenders also accepted the appointment of the second defendant as agent of the facility to, among other things, ensure the repayment of the loan.

The plaintiff disbursed $ 35 million to the first defendant to enable it to fulfill the purposes for which it needed the pooled funds.

The energy company was unable to complete the transaction on Yola Disco, due to the insurgency in the Northeast. He invoked the force majeure protection clause written into the agreements and demanded the repayment of the amount invested by the federal government.

In March 2020, the federal government paid the last installments of the reimbursement (amount recovered) to the energy company and the Polaris bank.

“However, the remaining portion of the plaintiff’s share of said recovered sum has since been withheld by the defendants, in particular the 2nd defendant,” UBA told the judge.

The court adjourned until July 13 for a hearing of the notice motion.


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